Related Reading: Here’s Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It Ahead of this regulatory victory for the market following the approval of Bitcoin ETFs in January, industry experts are speculating that the SEC’s approval of Ethereum ETFs will significantly impact the Ethereum blockchain and its decentralized finance (DeFi) protocol. Mark Connors, the head of global macro strategy at Onramp, a Dallas-based financial services firm, referred to Ethereum as the “middle kid protocol,” highlighting the crucial test that the ETF launch represents for the DeFi ecosystem. According to Connors, the success and participation in the ETF launch on Tuesday will shed light on Ethereum’s ability to maintain its market standing and attract sustained interest, along with increased inflows and adoption, which could significantly impact its price.
According to a recent report from CoinShares, Ethereum (ETH) saw an uptick in inflows last week, surpassing Solana’s (SOL) inflows for 2024, coinciding with the impending launch of exchange-traded funds (ETFs) that will allow regulated investment in the US for the second-largest cryptocurrency by market capitalization. ETH Dominates Inflows The report highlights Ethereum’s strong momentum recorded over the past month, with inflows reaching $45 million last week, amounting to the year for over $103 million, outpacing Solana’s inflows year-to-date (YTD). Solana, however, also witnessed inflows of $9.6 million during the same period, resulting in a YTD total of $71 million, which lags behind Ethereum’s inflows.
Related Reading: US Spot Ethereum ETFs Poised To Draw $1.2 Billion Monthly: Research Firm The report also shows that general digital asset investment products saw continued buying, with inflows totaling $1.35 billion last week, bringing the three-week inflow streak to $3.2 billion, impacting the recovery in crypto prices in recent weeks. Additionally, trading volumes of exchange-traded funds increased significantly by 45% week-on-week to $12.9 billion.
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